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Assignment Of Proceeds Agreement

Assignment Of Proceeds Agreement Template for India

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Key Requirements PROMPT example:

Assignment Of Proceeds Agreement

"I need an Assignment of Proceeds Agreement under Indian law to assign the payment rights from our Mumbai construction project to HDFC Bank as security for a new credit facility, with the assignment to commence from March 1, 2025, and covering all quarterly progress payments for the next 3 years."

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Document background
The Assignment Of Proceeds Agreement is a vital legal instrument used in Indian commercial and financial transactions when one party wishes to transfer its rights to receive certain payments or proceeds to another party. This document is particularly relevant in project finance, securitization arrangements, or as collateral for financing facilities. The agreement must comply with Indian legislation, particularly the Transfer of Property Act, 1882, and the Indian Contract Act, 1872. It typically includes detailed provisions regarding the nature of the proceeds being assigned, payment mechanisms, representations about the right to assign, and notice requirements. The document is essential for businesses looking to monetize future payment streams or provide security for financing arrangements. When drafted properly, an Assignment Of Proceeds Agreement creates a legally enforceable right for the Assignee to receive the specified proceeds directly from the paying entity.
Suggested Sections

1. Parties: Identifies the Assignor, Assignee, and any other relevant parties such as the Paying Entity

2. Background: Sets out the context of the assignment, including details of the underlying contract or arrangement giving rise to the proceeds

3. Definitions and Interpretation: Defines key terms used in the agreement and establishes interpretation rules

4. Assignment: Core provision detailing the assignment of proceeds, including the scope and effective date

5. Consideration: Specifies the consideration paid or to be paid for the assignment

6. Payment Mechanics: Details how payments will be made, including bank account details and payment instructions

7. Representations and Warranties: Statements of fact and assurances from the Assignor regarding their right to assign the proceeds

8. Covenants: Ongoing obligations of the parties, particularly the Assignor's obligations to facilitate the assignment

9. Notice Requirements: Requirements for notifying the Paying Entity and obtaining acknowledgment

10. Term and Termination: Duration of the assignment and circumstances under which it can be terminated

11. Governing Law and Jurisdiction: Specifies Indian law as governing law and establishes jurisdiction for disputes

Optional Sections

1. Security Provisions: Include when the assignment is provided as security for another obligation

2. Step-In Rights: Include when the Assignee needs rights to directly enforce the underlying contract

3. Tax Provisions: Include when there are specific tax implications that need to be addressed

4. Foreign Exchange Compliance: Include when the assignment involves cross-border payments

5. Multiple Assignors: Include when there are multiple parties assigning their proceeds

6. Condition Precedents: Include when the assignment is subject to certain conditions being met

7. Further Assurance: Include when additional documentation or actions may be required post-signing

Suggested Schedules

1. Schedule 1 - Details of Underlying Contract: Contains full details of the contract giving rise to the proceeds being assigned

2. Schedule 2 - Payment Details: Bank account details and payment instructions for the assigned proceeds

3. Schedule 3 - Form of Notice: Template notice to be sent to the Paying Entity regarding the assignment

4. Schedule 4 - Form of Acknowledgment: Template acknowledgment to be obtained from the Paying Entity

5. Schedule 5 - Details of Assigned Proceeds: Specific description and quantum of the proceeds being assigned

6. Appendix A - Power of Attorney: If required, form of power of attorney giving Assignee authority to act

7. Appendix B - Corporate Authorizations: Copies of relevant corporate authorizations for the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
Clauses



































Relevant Industries

Banking and Financial Services

Infrastructure

Construction

Energy

Manufacturing

Real Estate

Technology

Telecommunications

Healthcare

Mining

Oil and Gas

Renewable Energy

Transportation

Retail

Relevant Teams

Legal

Finance

Treasury

Commercial

Risk Management

Corporate Secretarial

Business Development

Credit

Operations

Compliance

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Treasury Manager

Contract Manager

Project Finance Manager

Commercial Director

Risk Manager

Company Secretary

Financial Controller

Business Development Manager

Account Manager

Credit Manager

Transaction Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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